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              Ghana: Prime Minister Shri Narendra Modi addresses the Parliament of Ghana

              Ghana: Prime Minister Shri Narendra Modi addresses the Parliament of Ghana

              Ghana: Mahama swears in 7 new Supreme Court Justices

              Ghana: Mahama swears in 7 new Supreme Court Justices

              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

              Africa: Launch of PAPSSCARD Marks Major Leap Toward Financial Sovereignty and Intra-Continental Trade Integration

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              Africa: Nigeria, Egypt Top $95 Billion Remittance Surge, Unlocking New Investment Frontiers

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              Nigeria: Customs Integrates CBN, FIRS, Banks into B’Odogwu Platform to Digitize Trade Efficiency

              Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

              Africa: Nigeria Ascends Global Customs Leadership as CGC Adeniyi Becomes WCO Council Chair

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              Kampala Road Works: Kigenyi urges safety, order

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              • FEATURES
                Meet Sidi Ould Tah: Newly President of African Development Bank Group

                Meet Sidi Ould Tah: Newly President of African Development Bank Group

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                Meet the newly appointed executives steering NNPC Limited

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Netumbo Nandi-Ndaitwah: Namibia’s First Female President

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Haruna Iddrisu: The Politician, Lawyer, and Latest  Minister of Ghana’s Ministry of Education

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Agnes Naa Momo Lartey: The Minister Designate for the Ministry of Gender, Children and Social Protection in Ghana

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Justina Nelson: A Banking Visionary and Strategic Leader Who Takes Over MIIF as Acting Chief Executive Officer

                Meet Nigeria’s Newly Nominated Ministers

                Meet Nigeria’s Newly Nominated Ministers

                Nigeria’s $5 billion FLNG project gets Presidential endorsement

                FULL TEXT: President of Nigeria 2024 Independence Day speech

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                  Kenya: Ministry of Health outlines SHA compliance measures

                  Kenya: Ministry of Health outlines SHA compliance measures

                  South Africa: Durban Port to expand vehicle terminal

                  South Africa: Durban Port to expand vehicle terminal

                  Botswana, Türkiye aim for stronger ties

                  Botswana, Türkiye aim for stronger ties

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                    Ghana’s registra department: driving digitization for effecient services

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                    Cedi expected to end 2020 with less than 5% depreciation to dollar Says Expert

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                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    “Citizen Gate is Designed to bring the government closer to the people”- Mr. Toba Otusanya, DG, Lagos State Office of Transformation, Creativity & Innovation

                    I cherish and treasure my reputation for probity and accountability,– Dr. Babatunde Ajibade, SAN

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                      Home NEWS

                      EOCO cautions public against cheque fraud 

                      Public Sector Global by Public Sector Global
                      November 26, 2023
                      in NEWS
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                      EOCO cautions public against cheque fraud 
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                      The Economic and Organised Crime Office (EOCO) has cautioned the public against cheque fraud following an upsurge in such cases.

                      EOCO indicated that this followed an increase in cheque fraud cases that had come to its notice recently.

                      It explained that some fraudsters were using the issuing of cheques and other modes of payment to defraud traders and business entities. 

                      Bank fraud

                      Bank of Ghana’s fraud report has revealed that the total loss value recorded by banks and specialised deposit-taking institutions (SDIs) due to fraud in 2022 stood at approximately GH¢56 million as compared to approximately GH¢61 million in 2021.

                      It was observed that cheque fraud, cyber/email and cash theft (cash suppression) were the major (top five) fraud typologies that impacted most of the financial institutions.
                      Forgery and manipulation of documents emerged as the prominent fraud typology, recording the highest loss of GH¢33 million.

                      Money fraudulently withdrawn from customers’ accounts resulted in GH¢7 million losses, most of which the central bank observed involved staff of banks and SDIs, while cheque fraud, arising from cloned cheques, accounted for a loss value of GH¢5 million.

                      Modus operandi 

                      EOCO, in a news release cautioning the public to be alert, indicated that the suspected fraudsters, riding on the back of technology, sometimes conducted transactions via phone calls without physical contact with the business entity.

                      After an agreement is reached, EOCO said, the fraudsters then issue cheques on non-existing or dormant bank accounts, which usually take a number of days to be detected through the inter-bank clearing system. 

                      As a result, the cheque is then returned by the bank, and while the inter-bank system is yet to detect the fraud, the fraudsters would keep pushing for the goods to be delivered, insisting that they have made payment. 

                      The business entity or trader, EOCO said, is, therefore, compelled to make delivery even though the cheque is yet to clear. 

                      “Unfortunately, once the goods are delivered, the cheque gets reversed and the fraudsters, together with the goods, vanish into thin air,” the statement said.

                      EOCO, consequently, urged the public, especially traders and business entities, to do due diligence before delivering goods and services by ensuring that cheques or whatever forms of payment they make, irreversibly reflect in their accounts.

                      “This should be done by confirming that the actual or available balance of business owners has increased by the amount expected. Vendors should not rush to supply goods by only SMS alert without checking their actual balance,” it said.

                      EOCO gave an assurance that it would continue to monitor and track down those organised criminal activities and deal with the perpetrators appropriately.

                      Source: Graphic Online

                      Tags: GhanaThe Economic and Organised Crime Office (EOCO)
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